Opinion: EU new regulation AMLD5 helps mainstream crypto adoption

In July 2018, the EU's fifth anti-money laundering directive (AMLD5) was officially signed into law and entered into force on January 10, 2020. The law classifies all virtual assets and their providers as "obligated entities." Forbes contributor Pawel Kuskowski said this puts the crypto industry in the same legal category as banks, payment processors, gaming and gambling-related services. AMLD5 provides further support for the crypto space. From now on, banks cannot simply stop providing services to cryptocurrency-related payment processing programs or companies without a valid reason. Because of this, millions of people can buy digital assets without having to worry about being warned by banks. The regulation also clarified some issues with crypto companies' new anti-money laundering standards set by the Financial Action Task Force (FATF) in 2019. In addition, the EU has been actively exploring cryptocurrencies and blockchains for some time. According to BeInCrypto, the EU has held several seminars and set up several committees to explore the potential of blockchain.